News / Carriers continue to report big returns, but the horizon looks murky

As container spot rates continue to wane and close in on contract rates two more ocean carriers have reported record first quarter earnings.

Taiwanese carrier Yang Ming posted a net profit for Q1 of $2.2bn, achieved from a 71% increase in revenue, compared to the first quarter of 2021, at $3.8bn.

And South Korean flagship carrier HMM saw Q1 net profit hit $2.4bn on revenue of $3.8bn, 103% higher year on year.

Yang Ming said: “The record results were driven by a higher level ...